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USD Index Down Marginally, As Yen Leads Gains, Aust Business Survey Up Soon

FOREX

Yen strength is again the early focus point in G10 markets. The BBDXY sits down a touch, last near 1228.5, mainly on account of yen gains, but the index remains within recent ranges.

  • USD/JPY is tracking near session lows in recent dealings, last near 146.70/75, just up from session lows of 146.62. Downside focus remains on recent lows just under 146.50.
  • Headlines earlier crossed from Jiji, stating the BoJ would end NIRP if the first round of wage negotiations (out this Friday) 'significantly' exceeded last year's 3.8% increase (BBG).
  • USD/JPY implied vols are moving higher, 1 week last at 12.6%, fresh highs back to mid Dec last year. The 2 week is back to mid Jan highs around 10.77%.
  • Earlier we had the Japan PPI print slightly stronger than forecast at 0.2% m/m (0.1% forecast) and 0.6% y/y (0.5% forecast).
  • AUD and NZD have been supported, although more so AUD. AUD/USD last near 0.6620, while NZD was around 0.6170, unchanged for the session.
  • The RBA's Assistant Governor for the Economic Group, Sarah Hunter, stated on a panel session earlier that households are clearly under pressure, but she didn't touch on the monetary policy outlook, stating the banks' outlook/forecasts would be revisited in May.
  • Coming up soon we have NAB business conditions and confidence for Feb.
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